New technology will allow cryptocurrencies and NFTs to be inherited

Kirobo platform’s latest development will help automatically execute the last will of an asset owner without intermediaries
New technology will allow cryptocurrencies and NFTs to be inherited

A new mechanism that allows you to bequeath cryptocurrencies and NFTs to your loved ones has been announced by Israeli firm Kirobo. A holder of digital assets in the Liquid Vault cryptocurrency wallet can designate up to eight different addresses to which their funds will be transferred after their death.

“Cryptocurrency is only thirteen years old, but the problem of inheritance already exists, and it will become more and more relevant as digital currencies grow in popularity over the years,” the developers explain the idea behind the new feature.

The technology is based on a smart contract. It includes information about the cryptocurrency wallets of the heirs, the amount each has to receive, and the setting of a timer.

When the timer is reset, the inheritance mechanism is activated and the smart contract begins to fulfill the conditions. The heirs will be notified and must enter a password to receive the assets.

Using this feature requires a small amount of KIRO (the platform’s cryptocurrency) in the wallet, as the user must periodically reset the timer for a small fee.

In order to receive the assets, the heir must also contribute a certain amount of KIRO to the smart contract. He will be able to return that share whenever he wants.

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The post was written by Crypto Expert John Belford

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